The U.S. Treasury Department has imposed sanctions on two Iranian nationals and a slate of Hong Kong and United Arab Emirates-based companies accused of funneling money from illicit oil sales to Iran’s Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF) and Ministry of Defense and Armed Forces Logistics (MODAFL).

The measures, announced Tuesday by the Treasury’s Office of Foreign Assets Control (OFAC), expand Washington’s campaign against Iran’s so-called shadow banking system, which officials say launders billions of dollars through front companies and cryptocurrency exchanges.

The action named Iranians Alireza Derakhshan and Arash Estaki Alivand as central figures in moving over $100 million in cryptocurrency tied to Iranian oil sales since 2023. OFAC said they used front companies in Hong Kong and the UAE to disguise the flows.

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Author: Callan Quinn